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February 28, 2024
Egypt: the Parliamentary Economic Committee recommends the necessity of establishing a national reinsurance entity
During a session of the Bureau of the Economic Committee with deputies and representatives from the government, a request by Deputy Ghada Ali was discussed, regarding “the missed opportunities of foreign exchange due to the absence of a national reinsurance entity.” Source: ElwatanNews
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Bilal Jarjour
February 28, 2024
AMBest’s Commentary: Despite Heightened Risks, Casualty Reinsurance Renewals See Modest Price Changes
Reinsurers generally maintained adequate capacity for casualty programs during the January reinsurance renewal season, despite concerns about social inflation and recent reserve strengthening actions, according to a new AM Best commentary. Source: AMBest
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Bilal Jarjour
February 26, 2024
Ins sector in Oman expected to grow by more than 10%
The insurance sector is one of the fastest-growing sectors in the Sultanate of Oman, with its contribution to the gross domestic product reaching about 1.23%. The growth rate of insurance premiums reached around 13% in 2022. Source: Oman News Agency
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Bilal Jarjour
February 26, 2024
Chartered Insurance Institute spotlights insurance industry’s rise in Arab world
In a recent address at the 34th session of the General Arab Insurance Federation (GAIF) conference, Chartered Insurance Institute (CII) regional director Gaenor Jones underscored the upward trajectory of the insurance industry in the Arab region. Source: Insurance Business Mag
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Bilal Jarjour
February 26, 2024
Jordan: Central bank, UNDP launch policy paper on insurance sector development
The Central Bank of Jordan (CBJ), in cooperation with the United Nations Development Program (UNDP), has introduced a policy paper and action plan aimed at advancing the insurance sector in Jordan. Source: Middle East Insurance Review
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Bilal Jarjour
February 26, 2024
Egypt: Government ins funds’ assets rise to EGP1.5 bn & investments to EGP 1.27 bn
The total assets of government insurance funds in the Egyptian market rose to EGP 1.5 billion in year 2023. Source: Amwal Al Ghad
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Bilal Jarjour
February 23, 2024
Algeria: CAAT agrees to help startups with insurance and risk management
State-owned insurance company Compagnie Algérienne des Assurances (CAAT) and the Algerian Startup Fund (ASF) have signed an agreement to provide insurance coverage for all beneficiaries of funding granted by the ASF. Source: Middle East Insurance Review
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Bilal Jarjour
February 23, 2024
UAE: ICP submits health insurance documents electronically for residency applications
In the UAE, the Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP) announced the start of implementation of a project to upload health insurance documents electronically for agents wishing to submit requests to renew residency or issue a new residency, as of February 19, 2024. Source: الإمارات اليوم
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Bilal Jarjour
February 23, 2024
KSA: Insurance spokesperson: fraud in motor raises policy rates
Fraudulent acts by agents in motor insurance and in the insurance sector in Saudi Arabia in general have led to companies’ unwillingness to offer new innovative products and services. Source: الاقتصادية
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Bilal Jarjour
February 23, 2024
Shipping insurance rates soar on Red Sea missile attacks
Attacks on commercial ships in the Red Sea have sent insurance premiums surging, exacerbating costs already stretched by soaring freight rates and longer alternative trade routes. Source: Al-Monitor
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